Purchases of distressed properties represented 10 percent of the total, which is down from 11 percent in February.

Also, the average rate for a 30-year fixed mortgage was 3.67 percent recently. The rate was 3.59 percent in February, which was the lowest in almost two years.

One Small Concern is On the Minds of Experts

Experts did express concerns about how fast home prices were rising, which they credited in part to low housing inventory. Thus, economists said the best way to fix that is to increase the supply of homes for sale on the market.
It will be interesting to see if enough sellers enter the market in the next couple of months to temper those price increases.

We’re Your Real Estate Market Experts!

We hope you have found the information above as insightful and encouraging as we did. Seeing the national housing market recover is definitely a welcome sight!

Please check back here soon for more updates on the state of the housing market. We’re confident that having this knowledge will help you make savvier decisions as a buyer or seller.